The Protocol: Which Ethereum Layer-2 Project ISN'T Competing to Land Celo?

In this week's issue of The Protocol, we highlight layoffs hitting key firms as well, and how blockchain projects are competing for new mandates – specifically big Ethereum layer-2 developers like OP Labs, Polygon and Matter Labs vying to provide the technology for the Celo blockchain's new network

Timeline of Celo, Ethereum

An on-chain crypto investigator took to social media to expose the supposed black truth behind Justin Sun's Tron but has thrown Ethereum in the mix, alleging that the cryptocurrency is backed by the CCP and may harbor crypto wallet addresses by Fentanyl traffickers. On-Chain Detective Unveils Potential Tron Ponzi Scheme An X (formerly Twitter) user going by the username @BoringSleuth has gained the attention of the crypto community after uncovering potential evidence of Tron allegedly being a Ponzi scheme governed by one of the world's largest crypto criminal drug cartels.

Yesterday's launch of futures-based Ethereum (ETH) exchange-traded funds (ETFs) delivered underwhelming results, with shallow trading volumes indicating a deficient demand for ETH exposure. Furthermore, a recent report by The Wall Street Journal report by The Wall Street Journal, it was revealed that the launch of the first Ethereum exchange-traded funds on Monday generated little interest from small investors.

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has experienced a devastating plunge in its price. After a promising surge, the asset is currently trading at $1,663.44, leaving investors and traders scratching their heads.

The much-anticipated launch of nine new Ethereum Futures ETFs has generated limited investment interest in comparison to the initial excitement surrounding their introduction. On October 2nd, these nine ETF products made their debut, with the primary aim of tracking futures contracts linked to the value of Ethereum's native cryptocurrency, Ether (ETH).

Solana has been on the radar of the crypto community recently amid a strong rally to $25 over the past two days. With Solana coming into the limelight and becoming the seventh-largest crypto by market cap, the Ethereum community members have started poking the Ethereum Layer-1 competitor.

The Ethereum (ETH) price increased to $1,750 on Monday as investors reacted positively to the Futures ETF launch. Key on-chain metrics provide insights into how high the Ethereum price could reach amid the ongoing rally.

Grayscale Investments, the world's biggest digital asset manager, has filed paperwork with the U.S. Securities and Exchange Commission (SEC) for permission to turn the Grayscale Ethereum Trust (ETHE) into a spot ether exchange-traded fund (ETF).

Grayscale Investment submitted an application with the Securities and Exchange Commission seeking to reshape its current Ethereum-based trust into an exchange-traded fund tied to Ether's spot price.

The race for Ethereum futures exchange-traded funds (ETFs) greenlight has stirred bullish action in the crypto market since late last week. Interest in crypto has grown significantly with Ethereum price reclaiming two key support areas; $1,600 and $1,700.

At the end of last week we saw a number of updates regarding the push for ETFs, with VanEck readying an Ethereum futures ETF, Ark pushing to win the race for the first spot Bitcoin ETF and the US Securities and Exchange Commission (SEC) delaying